Debit Card PIN Transactions Sample Clauses

Debit Card PIN Transactions. These are transactions where you use your debit card and you enter your PIN number at the time of the sale. They are similar to ATM withdrawals because money is usually deducted from your account immediately at the time of the transaction. However, some POS transactions are not presented for payment immediately; it depends on the merchant. o Signature Debit Card Transactions. These are transactions where you make a purchase with your debit card that are processed through the Visa or MasterCard networks. You are typically asked to sign for these purchases like a credit card purchase. As described above, a merchant may seek prior authorization for a signature debit card transaction. When that happens, we generally reduce your available balance (but not your actual balance) by the amount authorized. We refer to this as an “authorization hold.” Authorization holds are processed as received throughout the day. At some point after you sign for the transaction, it is processed by the merchant and submitted to us for posting to your account. This can happen hours or sometimes days after you signed for it, depending on the merchant and its processing company. These payment requests are received in real time throughout the day and are posted to your account as they are received. Please note: the amount of an authorization hold may differ from the actual payment because the final transaction amount may not yet be known to the merchant when the authorization request is submitted. For example, if you use your card at a restaurant, a hold will be placed in the amount of the bill presented to you, but when the transaction posts it will include any tip that you may have added to the bill. Conversely, a gas station, hotel or rental car company, or other retail establishments may seek authorization in excess of the final payment amount. We cannot control how much a merchant asks us to authorize, or when and in what amount a merchant submits a transaction for payment. The fact that we put an authorization hold on your available balance does not mean the authorization is set aside and made available to pay the specific transaction authorized. The hold is simply a reduction in your available balance based on the fact that we have authorized a transaction and the Credit Union is therefore obligated to pay it when presented. o Debit card transactions can be recurring or nonrecurring. Recurring transactions are where you use your debit card to set up a recurring monthly payment, ...